EX-12 17 ex12pso4q.htm COMPUTATION OF RATIOS Unassociated Document
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 

 
   
Year ended December 31,
  
   
2004
  
2005 
  
2006 
     2007     2008  
EARNINGS
                            
Income (Loss) Before Income Taxes
  
$
45,351
  
$
88,378
  
$
52,847
   $
(46,139
 )  $
120,761
  
Fixed Charges (as below)
    
39,475
    
36,762
    
44,769
    
54,716
    
 81,584
 
Total Earnings
  
$
84,826
  
$
125,140
  
$
97,616
   $
8,577
    $
202,345
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
37,957
  
$
34,094
  
$
40,778
   $
46,560
    $
 76,910
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
280
    
668
    
1,491
    
5,156
    
2,174
  
Trust Dividends
    
(62
)
  
-
 
  
-
    
 -
    
 -
  
Estimated Interest Element in Lease Rentals
    
1,300
    
2,000
    
2,500
    
3,000
    
 2,500
  
Total Fixed Charges
  
$
39,475
  
$
36,762
  
$
44,769
   $
54,716
    $
 81,584
  
                                 
Ratio of Earnings to Fixed Charges
    
2.14
    
3.40
    
2.18
    
0.15
    
 2.48
  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.